Ride-hailing and mobility platform Rapido has raised $240 million in fresh funding led by Prosus, with participation from WestBridge Capital, Accel and other investors, as part of a larger $730 million primary and secondary financing round.

The latest transaction values the Bengaluru-based company at $3 billion on a post-money basis, according to a company statement.

Rapido said the fresh capital will be used to deepen its presence across high-growth markets, strengthen first- and last-mile connectivity and expand earnings opportunities for its driver-partners.

The company said the investment comes at a time when demand from Tier-2 and smaller cities is accelerating, even as it continues to expand its footprint in metro markets.

“As India’s growth shifts beyond metros, two structural gaps are becoming more pronounced: access to reliable, affordable mobility, and access to flexible, dignified earning opportunities,” the company said in the statement.

Rapido added that it is building “at the convergence of both” by positioning mobility as a large-scale economic engine.

The company said the capital would also be deployed toward technology investments and expanding its captain network to improve platform efficiency and user experience.

“At Rapido, we've always believed that the true measure of mobility is not only the rides completed but also livelihoods created,” said Aravind Sanka, co-founder of Rapido.

“This investment is about accelerating our ability to unlock both these structurally. We are going deeper into markets where demand exists, but supply remains fragmented, building the density that gives captains reliable, predictable earnings,” he added.

Sanka further said the company plans to sharpen its focus on strengthening supply, building technologies and expanding its multi-modal mobility footprint “with far greater speed and intent.”